Prior to and since the death of Harold Demsetz, there have been a series of wonderful posts here on Econlib that have highlighted the importance of his work, in particular his article, “Toward a Theory of Property Rights” (1967). What makes it such a great article is not only that it was a seminal contribution to the economics of property rights, but that reading its central point, namely that the role of property rights is to guide the internalization of...